About the loan calculator
This calculator works for any installment loan with a fixed rate: personal loans, student loans, debt consolidation, boat or RV loans. Enter the amount, the annual percentage rate and the length of the loan to see the payment.
Compare different terms. A longer term lowers the payment but raises the total interest you pay.
Formula
Payment = P × r ÷ (1 − (1 + r)^−n), with P the amount borrowed, r the monthly rate (APR ÷ 12) and n the number of payments.
Frequently asked questions
What is the difference between interest rate and APR?
APR includes the interest rate plus certain lender fees, so it reflects the true yearly cost of borrowing. Use the APR here when you know it.
Can I pay a loan off early?
Usually yes. Enter an extra monthly payment to see the impact. Check that your loan has no prepayment penalty first.
Does a lower payment mean a cheaper loan?
Not necessarily. Stretching the term lowers the payment but increases total interest, so compare the Total interest line across terms.